The Ukrainian region of Crimea could adopt the Russian ruble as its currency and "nationalize" state property as part of plans to join the Russian Federation, a regional official was quoted as saying on Thursday.

Interfax news agency cited Rustam Temurgaliyev, Crimea's vice premier, as saying: "All Ukrainian state enterprises will be nationalized and become the property of the Crimean autonomy."

Hoping Moscow would let Crimea become part of Russia, he said: "We are ready to introduce the ruble zone."

Of course, this may lead to the emergence of an even more broad 'black market' for dollars or rubles in Ukraine as we are sure the Ukraine government would fight back with capital controls of some sort.